Lisa Gilbert, Vice President of Marketing, IBM Growth Markets, delivered the keynote address at ImperaTives 2012. She spoke about the future of Indian markets and shared some insight from her extensive experience. She discussed about the evolution of marketing and how to implement the “Know – Model – Analyse – Nurture – Scale” cycle. A brief discussion of the evolution of marketing follows.
Marketing as an art form is changing. With the permeation of technology, the craft is more instrumented, interconnected and intelligent. This is causing paradigm shifts in Kotler’s Four ‘P’s and the way marketing is perceived, driven and implemented.
The concept of marketing can be boiled down to the following: Understand your customers, Address their needs while you build their trust, and Repeat. Though this concept has remained unchanged over the ages, the way it has manifested has changed.
In today’s world, the boundary between work and life has changed. The old notions of demographics and segments no longer apply. Every customer is unique and they do not want to be a part of a ‘segment’. To acquire and retain today’s customer, you must be willing, and able, to treat them as one.
With such a monumental shift in approach, the CMO has the need to evolve. This means that CMOs need to refine their skill sets – and mind sets.
This rethinking of marketing will ensure that customers are understood as individuals. It will also mean that marketers can get ahead of the demand and ensure that the brand and culture are one. Marketing will transform to be a less obtrusive and more personal art form.